What Are the Benefits of a Prenuptial Agreement?
When you and your spouse decide to get married, you’re combining all of your assets into one. Creating a prenuptial agreement helps protect both parties from debt and unfair asset division down the road. While no one wants to imagine themselves getting divorced in the future, a prenup can give you both peace of mind as you enter into the sanctity of your partnership.
There are many laws and rules that dictate what happens to your assets in the event of a divorce or death. With a prenup, you and your spouse can take control of your marriage, including specific instructions that are appropriate for both of you.
While creating a prenuptial agreement might sound intense, our firm recommends that every couple consider it. If you’re interested in a prenup or just want to learn more about them, our team is here to help you.
What Can a Prenup Include?
Prenups can be modified to meet your specific needs. While there are some general items that most prenups include, you may not need to add every single one to your document.
Our team will take a look at your circumstances and make recommendations based on your goals.
Prenups often include:
Marital Property vs. Separate Property
Marital property is property owned by you and your spouse that was obtained during the marriage. Separate property is the property you entered into the marriage with or received singularly during the marriage. Defining marital property and separate property is essential, as marital property is divided during a divorce while separate property isn’t.
Disclosure of Financial Information
Each spouse must provide a complete account of their debts, income, and assets. The financial disclosure from each spouse will influence the other terms in the prenup. It’s essential to provide an accurate account of your finances.
Debt Protection
Without a prenup, creditors can target marital property, even if the debt is only in one spouse’s name. You can limit your debt liability by separating your debt from your spouse’s.
Estate Plan Protections
A prenuptial agreement can help protect your estate plan and ensure that your wishes are carried out properly. For the best results, combine your prenup with a will or living trust.
Provisions for Children from Previous Relationships
If you have children from a previous relationship, you can ensure that they receive an inheritance from you if you pass away before your spouse. A prenup guarantees that your children get the assets they are owed, even if your spouse later remarries.
Spousal Support
In the event of a divorce, you or your spouse can request spousal support. These payments are made to support the lower-earning spouse until they can sustain themselves without assistance. You can include potential spousal support instructions in case the marriage ends.
Division of Assets
You and your future spouse can decide how to split up assets now in the event of a divorce. If you don’t, the court can decide how to divide your assets.
What Can You Not Put in a Prenup?
Prenuptial agreements are powerful documents, but they can’t cover everything. There are some terms that the court won’t allow you to put into a prenup.
You cannot include the following items in your prenup:
Child Custody and Child Support
If you and your spouse have children together, you won’t be able to include instructions for their custody or child support payments in the event of a divorce. This is because the court will always decide what to do with the best interests of the children in mind.
Illegal Activities
Any statements pertaining to illegal activities cannot be included in your prenup. Including information about unlawful activities can put your entire prenup at risk of being thrown out.
Lifestyle Clauses
Some couples want to include instructions on what is to happen in the event of infidelity. The rules about lifestyle clauses like these are murky, and they aren’t always enforceable in court.
What Makes a Legally Valid Prenup?
For a prenup to be enforceable in court, it must stand up before a judge. There are a few elements of a prenup that must be included for it to be considered legally binding.
A prenup must be:
● In writing
● Signed by both spouses
● Signed before the marriage
Both spouses must have ample time to review the prenuptial agreement before signing. Each party is entitled to seek legal counsel and have their attorneys review the document. If one spouse feels pressured to sign or is not allowed ample time to review, the prenup could be thrown out.
Failing to disclose financial information or including inaccurate information can also lead to an invalid prenup. It is essential to provide true and accurate information about your finances, including your debts.
If you would like to create a marital agreement after you and your spouse are married, our team can help you draft a postnuptial agreement. While not as strong as a prenup, they can offer some of the same protections.
Why Do You Need a Lawyer for a Prenup?
A prenuptial agreement protects you and your spouse in the event of a divorce or death. Working with an attorney is the best way to create a prenup that stands up in court. Invalid or vague information could lead to questions and scrutiny. Our team will ensure that your rights are protected and you are advocated for throughout the entire document.
Lawrence Law Office is here to support you in creating a prenup and protecting your marriage. If you’d like to learn more about a prenuptial agreement or you have any questions about it, please call our office today at 614-820-1195.
